Asia
Fibocom Wireless Eyes Controlling Stake in Hangsheng Electronics; Shares Slip 9%
Fibocom Wireless (HKG:0638, SHE:300638) said it is advancing a proposed major asset reorganisation to acquire a controlling stake in Shenzhen Hangsheng Electronics, according to a Thursday Hong Kong bourse filing.Shares of the wireless communication module maker were down over 9% in Friday morning trade.The transaction, which is expected to be conducted in cash, would make Hangsheng Electronics a controlled subsidiary upon completion.Fibocom said it is conducting audit, valuation, and due diligence work while continuing discussions with relevant parties. No formal agreement has been entered into.
HKG:0638SHE:300638
